(CercleFinance.com) – GTT presents this evening an update on its activity in Russia. The company recalls that it is engaged in the country for the design of the tanks of 15 ice-breaking LNG carriers under construction by the shipyard ZvezdaShipbuilding Complex (Zvezda), as well as in the design of the tanks of three GBS (i.e. submarine tanks) for the company Saren B.V.
‘As of October 1, 2022, a turnover of 74ME remained to be recognized for icebreaker LNG carriers by 2025 and 12ME for GBS by 2027, i.e. an exposure representing, in total, less than 6% of the order book’, indicates GTT.
The group nevertheless makes it known that following an in-depth analysis of the European sanctions packages No. 8 and 9 prohibiting in particular engineering services for the benefit of Russian companies, it will cease its activities in Russia.
Thus, ‘as of January 8, 2023, the contract with Zvezda will be suspended and GTT’s interventions will be limited, on the two most advanced LNG carriers, to ensuring the safety of the projects and the integrity of the technology, in compliance with the international sanctions in force’.